WarRoom Battleground EP 738: Liberation Day Becomes The Start To A True American Economy

Summary

Bannon's War Room: WarRoom Battleground EP 738 - "Liberation Day Becomes The Start To A True American Economy"

Release Date: April 2, 2025
Host: WarRoom.org
Duration: Approximately 50 minutes

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Introduction

In Episode 738 of Bannon's War Room, titled "Liberation Day Becomes The Start To A True American Economy," host Steve Bannon and guest Spencer Morrison delve into President Donald Trump's landmark speech delivered on Liberation Day. The episode provides an in-depth analysis of Trump's economic policies aimed at revitalizing American industries through reciprocal tariffs and reshoring manufacturing.

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Liberation Day Speech by President Donald Trump

Timestamp: [00:15] – [04:33]

President Donald Trump opens the episode with his impassioned speech marking Liberation Day, April 2, 2025. He declares this day as a pivotal moment in American history, signifying the rebirth of American industry and the reclaiming of the nation's economic destiny.

Key Points:

• Economic Independence: Trump emphasizes the need for the United States to achieve economic independence by reducing trade deficits and reviving domestic industries.

  Trump (00:15): "April 2, 2025, will forever be remembered as the day American industry was reborn... It's our declaration of economic independence."

• Reciprocal Tariffs: He announces a historic executive order instituting reciprocal tariffs on foreign goods to balance trade relations.

  Trump (04:05): "Effective at midnight, we will impose a 25% tariff on all foreign-made automobiles."

• Protection of American Workers: The speech highlights the plight of American steelworkers, auto workers, farmers, and craftsmen who have suffered due to foreign competition.

  Trump (04:33): "American steelworkers, auto workers, farmers, and skilled craftsmen... They really suffered gravely."

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Analysis and Discussion

Timestamp: [06:01] – [50:18]

Following Trump's speech, Steve Bannon and Spencer Morrison engage in a comprehensive discussion, breaking down the implications of the new tariffs and their potential impact on the American economy.

Impact on Financial Markets

Timestamp: [06:01] – [07:31]

Morrison explains the immediate reaction of financial markets to the announcement, noting significant declines in Dow Jones futures and S&P 500 futures.

Morrison (07:31): "Dow Jones futures are down 900 points. S&P 500 futures have lost 3% in reaction to these tariffs."

He attributes the market downturn to disapproval from Wall Street and "the lords of easy money," juxtaposed with enthusiasm from the working class and union members.

Economic Theories and Historical Context

Timestamp: [07:31] – [10:38]

Morrison elaborates on the necessity of economic independence, linking it to historical economic models advocated by Alexander Hamilton. He contrasts the current globalist approach with Trump's vision of a production-based economy.

Morrison (08:40): "If you can't defend your freedom because you don't manufacture steel or computers, firearms, automobiles, ships, then there's no way that you can actually function as an independent nation."

Bannon challenges Morrison on the relevance of manufacturing jobs in the modern economy, prompting a discussion on the shift from manufacturing to service-oriented jobs and the associated economic implications.

Trade Deficits and National Debt

Timestamp: [12:26] – [19:46]

Morrison addresses the long-standing trade deficits the United States has run since 1974, accumulating to a staggering $25 trillion. He argues that reducing the trade deficit through reshoring and reciprocal tariffs is essential to preventing an economic collapse.

Morrison (17:49): "We have been running a trade deficit, like you said, every year since 1974. It's $25 trillion cumulative trade deficit."

He references Nobel laureate Joseph Stiglitz's work, which predicts the inevitable bursting of the trade deficit bubble, leading to severe economic repercussions if not addressed.

Reshoring and Economic Resilience

Timestamp: [19:46] – [24:21]

The conversation shifts to the benefits of reshoring manufacturing jobs, including high-value employment and enhanced economic resilience. Morrison highlights how reciprocal tariffs not only encourage domestic production but also open foreign markets for American products.

Morrison (22:27): "President Trump is saying, we're not playing more games. We're going to bring back manufacturing capabilities and capacities here."

He also debunks claims that tariffs would lead to significant price increases, citing historical data where high tariffs correlated with lower goods prices and rising wages.

Wall Street and Globalist Opposition

Timestamp: [31:18] – [43:35]

Bannon and Morrison discuss the anticipated backlash from Wall Street and globalist entities against Trump's tariffs. They emphasize the importance of maintaining economic nationalism despite short-term market turbulence.

Bannon (33:53): "The Wall Street Journal lead opinion piece... Liberation Day tariffs amount to an attempt to remake the US Economy in the world trading system."

Greg Delaney, the publisher of Spencer Morrison's book, shares a personal narrative about the consequences of offshoring on his family's manufacturing business, underscoring the human cost of economic policies that favor global over domestic interests.

Delaney (39:25): "We need to understand the human cost of this offshoring... My father ultimately passed because of the stress from it."

Future Outlook and Conclusion

Timestamp: [43:35] – [50:18]

As the episode concludes, Morrison and Delaney reflect on the transformative potential of Trump's policies, likening Trump's impact to that of historical American figures like George Washington and Abraham Lincoln.

Morrison (46:16): "President Trump has made an absolutely pivotal and historic realignment of the economy."

They acknowledge the challenges ahead, including potential market volatility and political opposition, but express optimism that these measures will restore America's economic strength and sovereignty.

Bannon (48:16): "This is what drives all the haters, the RINOs, and it drives all of the left crazy. He's a world historical figure."

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Notable Quotes

• Donald Trump (00:15): "April 2, 2025, will forever be remembered as the day American industry was reborn... It's our declaration of economic independence."

• Steve Bannon (05:10): "This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people."

• Spencer Morrison (17:49): "We have been running a trade deficit, every year since 1974. It's $25 trillion cumulative trade deficit."

• Greg Delaney (39:25): "We need to understand the human cost of this offshoring... My father ultimately passed because of the stress from it."

• Spencer Morrison (46:16): "President Trump has made an absolutely pivotal and historic realignment of the economy."

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Conclusion

Episode 738 of Bannon's War Room offers a thorough examination of President Trump's economic strategies aimed at reversing decades of trade deficits and revitalizing American manufacturing. Through detailed analysis and personal stories, hosts Bannon and Morrison advocate for economic nationalism as the pathway to restoring America's economic independence and securing its future prosperity.

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Note: This summary intentionally omits advertisements, promotional segments, and non-content sections to focus solely on the substantive discussions and analyses presented in the episode.

Transcript

[Donald Trump]

My fellow Americans, this is Liberation Day, waiting for a long time. April 2, 2025 will forever be remembered as the day American industry was reborn, the day America's destiny was reclaimed. And the day that we began to make America wealthy again. Going to make it wealthy, good and wealthy. This is one of the most important days, in my opinion, in American history. It's our declaration of economic independence. For years, hardworking American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense. But now it's our turn to prosper and in so doing, use trillions and trillions of dollars to reduce our taxes and pay down our national debt. And it will all happen very quickly. With today's action, we are finally going to be able to make America great again. Greater than ever before. For decades our country has been looted, pillaged, raped and plundered by nations near and far, both friend and foe alike. American steelworkers, auto workers, farmers and skilled craftsmen. We have a lot of them here with us today. They really suffered gravely. They watched in anguish as foreign leaders have stolen our jobs, foreign cheaters have ransacked our factories, and foreign scavengers have torn apart our once beautiful American dream. We had an American dream that you don't hear so much about. You did four years ago and you are now. But you don't too often, and for many years and decades even you didn't hear too much about. Our country and its taxpayers have been ripped off for more than 50 years. But it is not going to happen anymore. It's not going to happen. In a few moments, I will sign a historic executive order instituting reciprocal tariffs on countries throughout the world. Reciprocal. That means they do it to us and we do it to them. Very simple. Can't get any simpler than that. The United States charges other countries only a 2.4 tariff on motorcycles. Meanwhile, Thailand and others are charging much higher prices like 60%. India charges 70%, Vietnam charges 75%. And others are even higher than that. Likewise, until today, the United States has for decades charged a 2.5 tariff. Think of that, 2.5% on foreign made automobiles. The European Union charges us more than 10% tariffs and they have 20% VATs, much, much higher. India charges 70%. And perhaps worst of all are the non monetary restrictions imposed by South Korea, Japan and very many other nations as a result of these colossal trade barriers. 81% of the cars in South Korea are made in South Korea. 94% of the cars in Japan are made in Japan. Toyota sells 1 million foreign made automobiles into the United States and General Motors sells almost none. Ford sells very little. None of our companies are allowed to go into other countries. And I say that friend and foe, and in many cases the friend is worse than the foe in terms of trade.

[Steve Bannon]

But.

[Donald Trump]

But such horrendous imbalances have devastated our industrial base and put our national security at risk. I don't blame these other countries at all for this calamity. I blame former presidents and past leaders who weren't doing their job. They let it happen and they let it happen to an extent that nobody can even believe. That's why effective at midnight, we will impose a 25% tariff on all foreign made automobiles.

[UAW Representative]

My entire life I have watched plant after plant after plant in Detroit and in the metro Detroit area close. There are now plants sitting idle. There are now plants that are underutilized. And Donald Trump's policies are going to bring product back into those underutilized plants. There's going to be new investment, there's going to be new plants built. And the UAW members and I brought 20 of them with me. They're sitting right over here. We support Donald Trump's policies on tariffs 100%.

[Steve Bannon]

This is the primal scream of a dying regime. Pray for our enemies because we're going medieval on these people. You're just not going to free shot all these networks lying about the people.

[Spencer Morrison]

The people have had a belly full of it.

[Steve Bannon]

I know you don't like hearing that. I know you've tried to do everything in the world to stop that, but you're not going to stop it. It's going to happen. And where do people like that go to share the big lie? MAGA MEDIA I wish in my soul, I wish that any of these people had a conscience. Ask yourself, what is my task and what is my purpose? If that answer is to save my country, this country will be saved.

[Donald Trump]

War ROOM here's your host, Stephen K. Banner.

[Steve Bannon]

It's Wednesday the 2nd of April, year of our Lord 2025. It's Liberation Day. President Trump started his speech from the Oval Office saying in his his belief is that this is one of the most important days in American history. Let me repeat that. President Trump said he thought today, Wednesday the 2nd of April, in the year of our Lord 2025 was one of the most important days in the history of the country because it's when we declared our economic independence. Dow Jones futures and we're watching the Asian market is going to open up about 8 here. I think Dow Jones futures are down 900 points. S&P 500 futures have lost 3% in reaction to these tariffs. Tech being a big loser. Also, the Lords of Easy Money and Wall street are not happy about this. They're not happy at all. You will understand why if you read two books, Christopher Leonard's Lords of Easy Money and Spencer Morrison's book Reshore, you would understand the plight of this nation and why the money class is not happy and why the working class, the UAW worker from Macomb county, the home of Reagan Democrats, were ecstatic. And his union buddies over there clapping for President Trump. Spencer Morrison, break down that opening of the speech for sir.

[Spencer Morrison]

Well, happy Liberation Day to everybody watching War Room and to this whole beautiful country. So tariffs are about much more than economics. Okay? We don't worship the golden calf. Money is not our God. Economic growth, it's not America's justification. It's a means to an end. It's not the end itself. The economy has to serve the American people. It has to serve our security, our well being, the interests of the good and the beautiful and the true. And what President Trump did today in that speech is he weaved all of these issues together. He tied the issue of political independence and Independence Day and folded that into the context of economics. Independence. Right. In a very real sense, Independence Day is predicated upon, you know, this Liberation Day. You can't have political independence without economic independence. If you can't defend your freedom because you don't manufacture steel or computers, firearms, automobiles, ships, then there's no way that you can actually function as an independent nation.

[Steve Bannon]

And what we. So, Spencer, you know, some of the guys, my former colleagues on Wall street, the Goldman Sachs crowd and others sit there and go, steve, you know, a manufacturing percentage of the GDP is, I don't know, absolute numbers. 2.2 trillion, 2.5 trillion. And there's 400,000 unfilled manufacturing jobs here, people. You and Spencer may fantasize about this, but people don't want manufacturing jobs from the 1950s. They want service jobs. They want high tech. They want to be sitting at a computer writing algorithms, coding. You guys are dinosaurs from the past. And you fail to see that America is now still a, I think, at number three in the world, still a manufacturing superpower. What say you, Spencer Morrison?

[Spencer Morrison]

Well, I think we have to remember that, you know, money has a dollar value and it has an objective value. Power doesn't. Power, security. Those are relative items, right? So we have to look at America's overall place in the world relative to our competitors. And ever since the 1970s when the tariff walls were dropped, and especially since 2001, when China joined the World Trade Organization, there's been a huge seismic shift in industrial power from America to China. If you look at, for example, the industrial output between America and China, on paper, it looks fairly similar, but that's because there's a big difference in purchasing power between America and China. When you account for purchasing power parity, China is producing three times the industrial output that America is. We produce $5.46 trillion in output. They produce 15.78 trillion. They can outbuild us three to one. Three to one. Those are the sorts of ratios that helped America win World War I and World War II. And you know what? We're on the losing side of that equation. Right.

[Steve Bannon]

Also, a lot of oursit's a misnomer. A lot of ours is assembly, so they can get around the trade laws and the tariffs and get into the greatest market in the world. And President Trump's saying that game is ending. We're going to manufacture high value, like in the car. Ford says we're the biggest domestic manufacturer. No, you're the biggest domestic assembler. You take high value added parts like drive trains and engines, things like that, from Germany or Mexico. Or Mexico from Germany. And what we do is assemble it here. What President Trump is saying, we're not playing more games. We're going to bring back manufacturing capabilities and capacities here. In the $35 and $40 an hour job that goes with it, we're not going. The reason some of these jobs are goingwanting is that they're still relatively low wages. All the statistics that the Wall street guys throw up at you are completely false when you look at what Trump is, which is to say, look, all of our allies have been. This is what's so powerful about reciprocity. Remember, he did kind reciprocity. Only Trump can think of this. Poso is bitching about Trump holding up the charts. Poso goes, hey, he's my president. Those are big. Those are the biggest charts he's got these charts of. Trump wouldn't let his charts go. He's pointing. He's going down the menu of how people ripped us off and the kind reciprocity. Stewart, he's not. If China's, you know, the weighted average is 64%. He's not going 64. He's cutting it in half, right? Or two thirds of it. People said, I wouldn't want to be Cambodia today, but so is this. First off, Overall, you know more about this. Is this what you anticipated it would be? Is this makes Spencer Morrison say, yes, I think we're on the right path and Trump nailed it.

[Spencer Morrison]

I'll be honest with you, I. This is more than I expected. I was very worried that we were going to get a highly watered down approach, which is sort of what we saw in President Trump's first term. He blew my expectations out of the water. What he's done with the so called kind reciprocal tariffs is he's giving the world a choice. He's saying, look, you have an opportunity now to lower your tariffs to match ours and if you don't, they're going up. Right. And this does a couple of things. First, it telegraphs where things are going for American businesses and it gives our industry time to ramp up production and for people to invest domestically. So it should sort of smooth out the economic dislocation that we're expecting. But it's also giving other countries an opportunity to play ball. I mean, one of the things that we really want to see is opening up foreign markets for American products. Because remember, the big problem here is that we have a huge trade deficit, which means we're buying more than we're selling. Right? Tariffs fix this in two ways. Number one, it reshores the production here so we buy more American. But if foreign countries look at our tariffs and they do the math and they say, look, this is not in their best interest, let's lower the tariffs and let American products in, that's going to open up billions of people to American producers as well. So this is not just about reshoring American industry. What President Trump is doing is he's also trying to open up foreign markets for American production and just let, let our companies compete. They can't compete right now.

[Steve Bannon]

I want to go back to something President Trump said and then you brought it up because they were kind of mocking this on TV. And that's the trade deficit in 1974. A couple things happened around those early years in the early 70s, besides Watergate. And by the way, we're coming up on the 30th anniversary on the 30th of this month of our soul retreat, the fall of Saigon in America, being driven out of Vietnam. You had going off the gold standard then you had, as Spencer said, the first trade deficit in 1974. This is why gold at 3190. We're not here to tell you, hey, gold's high, go buy gold. No, that has nothing to do. What we do is put you in touch with Birch Gold. Let them walk you through with all the information we put out together. The forces in the world, geopolitical, capital market, economic, demographic that are driving the price of gold. I think gold was 1100 bucks when we started this four years ago with Birch Gold because they would put in the time and effort. You got the end of the dollar empire, which, you know, Rickard said today is the BRICS alternative currency they came up with is, hey, guess what? Gold. The central banks are buying at rapid rates. Go to birchgold.com Bannon into the Dollar Empire. Totally free. The sixth free installment. Modern monetary theory, because we believe ideas have consequences. And this one had a quite negative consequence. You should understand it or take out your phone. Just text Bannon and 989-898, you have the brochure totally free. The ultimate guide for investing in gold in the era Trump. Now, that might have to be updated, but go check it out today and make sure you get a relationship with Philip Patrick and the team. And you want physical gold, physical gold, 3190. This will break 3200 tonight, maybe overnight as the Asian markets start to open. The Asian markets are going well, let's go back to trade deficit. The early 70s was a time of financial turmoil off the gold standard, the Arab oil embargo and trade deficits. And that was the beginning. And you saw, you know, real wages for workers have not increased since 1974 and we've had a trade deficit. Folks, these things are inextricably linked, right? This is why workers have been getting the shaft here for, I don't know, 40 or 50 years. How does, how does this program, Spencer, in your mind start to turn that around? Because that number. And this is why, remember, Trump is a student of Lou Dobbs. For anybody that's been around as long as Trump and I have back in the 80s with CNN, the first person that ever started talking about this to a mass audience was a guy named Lou Dobbs. Kept bringing up the trade deficit, particularly with Japan, right? And Donald Trump was a devotee. He followed Lou Dobbs all the time. And he started to get his own ideas, his own opinions. You go back and look at those interviews with Trump in the 80s and 90s. It's like he was in the Rose Garden today. This is what the French call idea fixed. This is a fixed idea he's had that a great nation cannot continue to run trade deficits year after year after year and get into the trillions of dollars. Spencer Morrison, your thoughts.

[Spencer Morrison]

And I think everybody implicitly understands that. I mean, there is an end to all of this copious consumption, right? Because, I mean, we've been running a trade deficit, like you said, every year since 1974. It's $25 trillion cumulative trade deficit. And how do we pay for it?

[Steve Bannon]

Repeat that to the audience. How big is it?

[Spencer Morrison]

All right, so if you add up all of America's trade deficits, net trade deficits, so we're accounting for goods and services, okay, since 1974, it works out to $25 trillion, adjusted for inflation. $25 trillion. So how did we pay for that? Because we didn't pay for it by trading. We had to sell something. Right? So what did we do? We sold assets, like real estate. We sold farmland. We sold residential real estate, commercial real estate. We sold artwork. I mean, what we did is we sold our inheritance. And then on top of that, that didn't cover it, Right. On top of that, we had to take out all this debt. It's sort of like buying your groceries when you don't have a job. Well, what do you do? You're pawning off your grandma's wedding ring. You're ringing up your credit cards. That's what America has been doing collectively as a nation, and we've been doing it for 50 years. And eventually your debts get called. Eventually you run out of valuable real estate to sell, and then at that point, it all comes crashing down. There was actually Joseph Stiglitz. I don't agree with him on a lot of things, but he won a Nobel Prize for his research on, you know, this consumption bubble. And, you know, in a paper, he had said, eventually it's a mathematical certainty. He ran all these, you know, economic models. I don't put a lot of stock into them. But this one, this one's real because it matches up with what we see historically, what we're seeing today. Right? There's inductive evidence for it. But what he's saying is that there's a mathematical certainty that the bubble will burst. And when it does, the economic dislocation and problems that that will cause will be far worse than anything we've ever seen. We're in the biggest bubble in history right now. And the only way to do that, to get out of it safely, is what President Trump has done is to deflate it slowly over time by reducing the trade deficit and running a trade surplus. So I think that's what we need to get to Steve.

[Steve Bannon]

Okay? This is. He's saying this bubble is the trade deficit, which nobody on Wall street ever wants to talk about. They don't like talking about the debt. But this is separate than the debt. This means that your money, your paycheck, either you've monetized assets or just your paycheck has gone to people that don't live in the United States of America to pay for goods that are not made in the United States of America to sustain yourself. What Scott Bessen was saying in the Declaration of Independence in the Constitution is not that you have a constitutional right to just cheap stuff. There's something deeper here than that. Give me Stiglitz's thing and he's saying that bubble, the 25 trillion that's eventually going to implode and have a massive impact unless you start to deflate the bubble by having surpluses. And the way you have surpluses is implement Trump's plan, correct?

[Spencer Morrison]

That's exactly correct. The tariffs are gonna do two things. Like I said earlier in the show, the tariffs are going to reduce the trade deficit by virtue of having factories be reshored into the country. So people are gonna buy American rather than buying Chinese or buying Mexican, buying European. So all of those brands, all of those industries are going to come back to America. We're going to make the products in the country. So that's going to reduce the trade deficit. The other side of that is that with the reciprocal tariffs, foreign markets are going to open up like they haven't opened up ever before. American businesses are not free to sell our goods in foreign countries to nearly the same degree that they can sell them here because these other countries are using tariffs and other non monetary barriers to entry as part of their industrial development policies. But if those numbers come down and American companies are free to compete on even footing, it's going to open up markets. Billions and billions of people, potential consumers, will be able to buy American goods for the first time, for the first time in 50 years. And that's going to, I would hope, lead to a trade surplus. And that's what we need to do. We need to generate a trade surplus so that we can reverse the damage that's been done over the last 50 years. It's going to take a while. It took us 50 years to get here. It could take another two generations to unwind. But it needs to be done.

[Steve Bannon]

This is what people MSNBC did and they're talking, the reporter said, hey, I've met people that the working class people understand they want those high value added jobs to come back. They understand this is not going to take place immediately. You're just going to see a complete onslaught of, oh, the price is going to go up, the prices go up. Although there's no evidence from our first term that prices went up at all, is it, Spencer?

[Spencer Morrison]

Yeah, I made that point. I've been writing a lot of articles about this, about inflation and how it relates to the trade deficit and tariffs. And the factual reality of the matter is that America flourished under the Hamiltonian American system of economic and industrial development, which was a high tariff model. So for, you know, over 150 years, America had the highest tariffs in the world. And throughout that entire period, 1789, up until 1973, goods were getting cheaper, wages were going up. And unfortunately we got off that economic model. We tried this globalist experiment and it failed the American workers spectacularly. And wages have stagnated. They've stagnated ever since then. I have. You know, I can tell you I'm going to give you three numbers, Steve, and these paint the picture of what's happened to the American family. In 1950, the American family spent 31. The average American household spent 31.6% of its income on wants, vacations, toys, all the goodies in life that improved decade over decade over decade until the 1980s when it peaked at about 50%. Since then it's gone down back down to the levels that we saw in the 1960s. So Americans right now are spending proportionally their income on wants, the same as they were in the 1960s, which means we've actually sort of went back in time in terms of economic growth. Right. We're spending more now on housing, on food, on shelter, clothing than at any time in the last 60 years.

[Steve Bannon]

Hang on for a second. I'm going to hold you and play some clips on the other side of a break. And Spencer's going to be with us. Also, Brother Delaney, who's the publisher of the book, is going to join us about his family's situation, why he was interested in publishing this extraordinary book. The timing couldn't have been better. You saw this morning where the head of the St. John's was it brother Cook came on Denver Cook, right, came on this morning and talked to us about the Warren Posse. Really saving when Matt Boyle at Breitbart got everybody on watch here, saved the Florida 6th. Also, Mike Davis just a moment ago said the pressure of the Warren Posse on the House to have these hearings and the judges, we need you up at the ramparts. We're going to need you up throughout the end of this week and next week. There's a lot to be done. One of the things I'm most worried about is this anxiety that either taxes or debt or credit cards or particularly your title of your home. 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[Donald Trump]

So far. It looks like we're going to have about $6 trillion of investments. And you wouldn't do that in years in this country. Over the last number of years, $6 trillion, and that's going to be much higher by the end of the year. And think of what $6 trillion is. You wouldn't have even a small percentage of that under this other system. We're going to be an entirely different country and it's going to be fantastic for the workers. It's going to be fantastic for everyone. There will never have been a transformation of a country like the transformation that's already happened happening in the United States of America. It's an incredible thing to watch and it's incredible to meet with the top people, people that you read about, very wealthy people or people that are great managers and executives and presidents of big public companies. And to watch the enthusiasm they have now that they didn't have. They gave up on our country. They went to foreign countries and they built. Companies are pouring into our country at levels never seen before with jobs and money to follow. And it's really beautiful. In the coming days, there will be complaints from the globalists and the outsourcers and special interests and the fake news, always fake news, will always complain, but never forget. Every prediction our opponents made about trade for the last 30 years has been proven totally wrong. They were wrong about nafta. They were wrong about China. They were wrong about the Trans Pacific Partnership, which would have been a disaster if I didn't terminate it. If I didn't turn that terminate that United Auto Workers, you would have had no jobs in this country. You would have had no jobs. It was all going to other countries in my. And now we're going to pass the largest tax cuts in American history. And that's where we're relying on Mike and John Thune. And we will not cut Social Security, Medicare or Medicaid benefits. And the Democrats will, because if they got in, the entire economy would collapse. This country is heading for a collapse under the people that you saw. They were horrible. I think one of the reasons people like the job I have my highest approval rating is because I think they're comparing me to the worst administration in the history of our country. So I appreciate that at least. But speaker of the House Mike Johnson and Senate Majority leader. Appreciate it, Mike. John Thune have been fantastic by the way, but they've been working tirelessly on taking the next step.

[Steve Bannon]

The Wall Street Journal lead opinion piece up overnight being the paper tomorrow. The President's Liberation Day tariffs. Liberation Day in quotes amount to an attempt to remake the United States economy in the world trading system. Think about the scale of that. Let me repeat this from the Wall Street Journal. The President's Liberation Day tariffs amount to an attempt to remake the US Economy in the world trading system. For a turn back to Spencer homework assignment. You need to go over Birch Gold. You need to know where you fit into this. Right now we're going to go through some turbulence. I told you some numbers. I'll get some updates here. Dow the futures down 900 but the open tomorrow. Asian markets I'm sure are going to be on full blast. Why they're not going to be able to rip off the United States. They're not going to have the margins they had before. You need to understand gold as a central part of this more so than I think it's ever been before, at least in the history of this country. Take your phone out, ban it. 989-898 Ultimate Guy for investing in gold and precious metals in the era Trump. Get it, read it and then talk to Philip Patrick and theme you have to understand the converging forces of capital markets, macroeconomics and geopolitics. It sounds like a full plate, doesn't it? Says Steve Wood. Look, you know, I just got out of high school. It doesn't matter. You're smart enough. You watch this show. You've picked up things. This is why we do this show is to give you the tools so you get your own mental map. And Birch Gold is a great ally of ours in doing this. So make sure you go to Birchgold and get it and talk to Philip Patrick and the team or go to birchgold.com ban@the end of the dollar empire. That's a longer six installments but you should dig into that too. Particularly if you go, gosh, math, my palm sword of math. You know, I'm math with tears. It doesn't matter. You got to push through. You got to push through that anxiety. We're here to push you in the war room. Push through that anxiety. You'll see it's not so hard and all of a sudden you'll have, you'll be self empowered. You go, wow, I actually understand this stuff. It's not that complicated. They make it seem totally complicated so they can control you. You know, that's how the system works. So, Spencer, brother Morrison, is the Wall Street Journal, correct. Is this an attempt today to restructure the Liberation Day? The first sentence is to restructure the American economy and with it the world's economic trading system.

[Spencer Morrison]

Sir, it's exactly what it is. It's exactly what it is. For the last 50 years we have been engaged in a globalist experiment which has left America devoid and hollowed out. It's cost millions of jobs. Manufacturing, for example. 1979 we had over 19 and a half million people employed in manufacturing. They're good quality jobs. They're good quality, lucrative jobs with benefits. You could support family on them. We've shed over 6 million of those jobs since then. And all the service jobs that they support as well. Right. I just want to bring it to your attention, the unemployment numbers. People will say that we've shifted the economy from manufacturing jobs to service jobs. What they forget to tell you is that the percentage of people who are counted as employable has decreased by tens of millions of people have been counted out of the labor force because they're chronically unemployed, because there are no jobs. So going back to your question, this is a huge restructuring of the American economy from a financial based economy. And President Trump wants to take us back to a production based economy. We want to produce the wealth that we consume rather than just buy it by selling off our inheritance and our debt.

[Steve Bannon]

Yes, yes. It's unbelievable. This is why we hired him to do big things. And this may be the biggest of all. Getting our siren. Remember, the southern border is essentially closed. We got to build the wall. We have to do everything. But it's all quiet on the Southern Front in 60 some days when they told us it would take generations to do it doesn't take generations for Trump. He says get it done. Spencer, hang on for a second. By the way, the market cap Kobayasi letters tell me the market cap of gold right now is $21 trillion. Also an all time high as it's getting ready to surge past 3,200 on the reciprocal tariffs. People are looking for some hedge, trust me. But that's why you have to go now. Get the investing book. It's a simple way to start at Birch. Just take out your phone band 989-898. You need to know this even if you don't want to invest. This is all about also the politics of it. The macro of it. Gray, you're the publisher of this book. You're pretty selective now in what you publish. Why did this, why was this book, why is this book so important to you? I know you're a huge MAGA guy and you support President Trump, but there's something deeper about this book and why you got Spencer to write it and why you're pushing it so hard at your imprint. Why?

[Greg Delaney]

Yeah, Steve, I reached out. I was following Spencer years ago when he was doing phenomenal work pre administration at his new economics editorial. And the motivation for this, I mean I had this publishing company, as you said, we're very selective. This is a job I do. It's the passion project, not really a money making project. And it's about getting the truth out. And the reason I sought out Spencer is because the story he tells and the policy solution he provides is a solution to what has happened, the tragic story, what has happened to thousands of great American companies. And one of them is my family's business. I've got a new piece up on im1776.com about the human cost of offshoring. And we had a flush valve manufacturing business. If anyone that goes we always like to joke in the family that we're in the ship business and it's not the most glamorous. But everyone has there's a story behind every manufactured good in this country. And this was a Company founded in 1879 in New York by immigrants from Ireland that fled the potato famine. They moved the company down after a two year union strike in New York and Brooklyn and that coincided with about millions of job manufacturing jobs fleeing New York from the Post World War II into the early 70s, moved down to Charlottesville, Virginia. And then in the 90s they were booming, producing 1,000 valves a day. They had several inventions that were made a couple of their valves at the top in the class. They were the first one to have a sensor operated battery valve. They had a regulating screw that enabled contractors and repairmen to repair the valves in the field. So they were innovative and they were doing it all with basically it was the family and a few others at this manufacturing facility in Charlottesville. And they employed about 75 people. They were even outsourcing to other local manufacturers in the central Virginia area. And then all of a sudden Zurn comes in in the early 90s and everyone's probably gone to the bathroom, has seen a zurn flush valve. And they were the first to offshore to China. And the break even point for a Delaney flush valve was $65. Zurn came in started charging 32. They were a massive global company that could afford. First of all, they were saving money from the offshoring and they were able to use this as a loss leader. And their stated goal was to put Delaney out of business. So that began an absolutely brutal eight years. My grandfather was clinging on. They didn't make the appropriate changes, but they didn't want to make the changes. They didn't want to offshore. My dad didn't want to offshore because that meant laying off over 70 people that had been at the company 30, 40 years. And I tell the story of one who actually had worked as the head of the plant since 1974 and retired in 2017. And the company still exists. It's a shell of itself, unfortunately. My father ultimately passed because of the stress from it. But that's, that's the. So we need to understand the human cost of this offshoring. I mean, everyone that drives through America sees the devastation of rural America. Kentucky, Virginia. Everywhere you turn, you go past these one, you can tell back 30 years ago, 20 years ago used to be thriving communities that were built off of these companies. And now the shutter manufacturer graffiti takes over, the rot sets in, the drugs come in. And we are starting to reverse that. I'm very proud. This is an exciting. What an exciting day this is for America. And there's going to be pain. I mean, Goldman Sachs, the market's going to be down thousands, but we have to restructure this economy to save this country. And I commend President Trump for having him do it.

[Steve Bannon]

Today's a historic day. The only way we're going to get through this is this audience. Trust me, the globalists and the financiers are going to be all over us tomorrow. They're going to beat Guitar and President Trump or attempt to go ahead.

[Greg Delaney]

We're going to watch our portfolios. We're going to watch our portfolios go down. And we have to just be willing to tough it out. I mean, for once, can we be patriots and come together for the good of the country? And for too long, Wall street, it's just about the bottom dollar. Everything's about the next quarter, about what the share price is. And President Trump is saying, no more. No more. So very proud to have published book. Steve, I thank you for giving it an audience.

[Steve Bannon]

But it's also, but it's also, it's also going to come back economically. Not just that, your portfolio, it's going to. It's going to settle out. It's not the end of the world. You saw last week and especially the end of the world on the 25% auto tariffs that didn't happen. There's going to be a lot of scaremongering, a lot of experts up in your, as Trump said, they've been wrong about everything and they've gutted this country in the process. Where do people go, brother Delaney, to get the, to get the, to get the article, get the piece so they can read it.

[Greg Delaney]

So I am 10076 com and of course buy Spencer's book. I'm very proud of it. We're about to sell out this first edition and the new edition. We'll probably use this piece as a forward. But this is going to be hopefully kind of the bible if you have a tough time explaining the benefits of tariffs. But as you say in your endorsement of it, Steve, it's more than just a tariff book. It's really the defense of economic nationalism in American economics, which is Alexander Hamilton's economics. So that's what very, very proud of it. And Spence, it's been an honor to work with them and we're going to keep pushing, keep pushing.

[Steve Bannon]

You've had a couple of good ones, had the Tucker book. You got this. You're on a roll, brother. Thank you so much for coming on here. Delaney, the publisher, the Family story, he's got the imprint to publish this book. Spencer, any closing thoughts, ideas as we bring the curtain down on Liberation Day and get ready for tomorrow? Folks. Overnight the market's going to be some turmoil. Not going to, they're all over Trump right now, attacking him non stop. Tomorrow is going to be fixed bayonets. I can tell you they got the judges. You've got all these guys coming after him trying to shut down everything. He's trying to do a cut cost, try to deconstruct the administrative state and the deep state. Now, now he's reorganized. I mean think of the things he's done on the scale he's done. You've never seen one item would be a complete presidency, one item be a complete presidency. He's got 15 of these going at a level of scale and intensity never seen before in American history. Just not no president has ever done more vital, urgent and at this scale on a global basis than anyone in American history, full stop. Maybe why I'm so interested in Trump. 2028. More about that later. Just throw that out there. Let them, let the, let the progressives heads Bob. Let's ruin their dinner. Spencer, closing thoughts. You've done so much work over the years Today was a very special day for you. We thank you for co hosting with us for these couple hours. Closing thoughts.

[Spencer Morrison]

I'd like to thank Kalamo Press and Greg Delaney. They've been wonderful in promoting this work because it's so, so important. And Steve as well, thank you and God bless for getting eyes on this work. I mean, this is a lot bigger than any particular book, any particular family business, any particular person. What this is, this is about the health, well being, longevity and survival of the American nation. America will not survive the next century unless we can manufacture the tools that we need to make this country great. We can't do that right now. President Trump has made an absolutely pivotal and historic realignment of the economy. This is going to go down in history. President, this today has made President Trump go down in history as perhaps the greatest American president. He's totally upended the economic world order and he's put America first for the first time in 50 years.

[Steve Bannon]

Longer. I mean, Reagan did right tried or did sort of. The Baker and the Bush guys hung about, but there had been many, nothing like this. This is why I say, I hate to say I called this one, but I'll take a bow and I called it. You've had General Washington at the revolution and the founding of the nation absolutely critical. With him, it wouldn't have gotten done. You had Lincoln at the rebirth of the nation without him. That's why, that's, those two are what they call world historical figures. If you study the process of study of history, Trump, and this is what drives all the haters, the RINOs, and it drives all of the left and the Scarboroughs and all these guys crazy. He's a world historical figure.

[Spencer Morrison]

If you listen, he's a great man.

[Steve Bannon]

Listen to that speech today, the depth of it. He's a great man in history, world historical figure and the third great president. This is my whole point. When you got a guy like that, that comes along in some countries, history only once in our beloved republic, this is the third time, you got to play your hand out. You got to get all the squeeze out of the lemon. So today, and so folks understand tomorrow may not be pleasant. Just remember this, this has to get done to return America to her greatness. There's no other way to do this. And as he said, it's kind. God, I love those charts. Kind, reciprocal. He's not dropping the hammer. And there were people, myself included, who are the maximalists that wanted to go all in. And I think in his, he's got the wisdom of Solomon he said, hey, let me try this. Let's lay out the case, which was important, and then I'm going to show you how we're going to do it. And quite frankly, to me, it was stunningly brilliant. Spencer, Social media, where do people get the book? Your website, all of it. We want people to read reshoring.

[Spencer Morrison]

Well, you can. I'd be very honored if people were to follow me on x. It's real. S.P. morrison, you can get the book on Amazon. Like Gray was saying, we're doing a second print run now, so I think there's still some copies available on Amazon or directly from the publisher. That's calamopress.com we have an audiobook coming out. We've got ebooks, so get it. Now I recommend to everybody that read the book with an open mind, okay? There's going to be a lot of stuff in the book that you know is going to be new, new material for a lot of people. Read it with an open mind and let's get the message out because this is, you know, this is an issue of civilizational importance.

[Steve Bannon]

Civilizational brother. Thank you so much. Look forward to talking to you tomorrow.

[Spencer Morrison]

God bless you.

[Steve Bannon]

Day Day two. Thank you, sir. Day two of liberation. Okay, Financial Times of London. You see that thing right there? That would be an aircraft carrier. That is a Chinese. That's People Liberation army aircraft carrier right there. War game. China asserts, Taiwan claim. I think this may be tied slightly to the tariffs and to the new economic order. China knows now, the CCP knows now. President Trump went out of his way to be, you know, magnanimous to them, but they understand there's a, there's a new deal. We're not running $600 billion per year trade deficits. Can't do it. It's bankrupting the people in this country. There's going to be some issues with the Chinese Communist Party. As we told you all for a long time, don't let the supply chains of active pharmaceutical ingredients in generics, you know, get you hung up. Same thing as like a second mortgage on your house that you didn't know about. Jace Medical, they took Rosemary Gibson's book and made a business of it for you. Go check it out today. Jacemedical.com See what Dr. Sean Rollins and the team have to say about what you should be thinking about to get ahead of all of this. What a day, man. Not just proud to be an American, proud to be maga and proud to be part of President Trump's movement. A great man and a great day we'll try to break down more of the speech tomorrow and give you all kind of follow ups from the Asian markets. It'll open here shortly. It's gonna be quite fascinating, but you'll be ahead of the curve in the War room. We'll leave you with the right stuff and we'll see you at 10:00am Eastern Daylight Time tomorrow morning. How well do you sleep at night? Real peace of mind comes from knowing your family is prepared for anything. My Patriot Supply, America's most trusted name in emergency preparedness, is offering a time limited discount on the bestselling three Month Emergency Food Kit. Now this is the basic the three Month Emergency Food Kit. This isn't your typical survival food. Each kit provides over 2000 calories and 100% of the recommended value of 12 essential vitamins and minerals daily for 90 days with delicious meals and extras including chicken, beef, fruits and veggies. We're talking quality meals that last up to 25 years in storage and still taste like home cooked. The pandemic taught us how quickly store shelves can empty. Don't wait for the next crisis. Your three month Emergency Food Kit includes free shipping, a disaster replacement warranty and 24.7us based customer support. This special discount is available for a limited time only. Visit my patriotsupply.com now to secure your family's future with $100 discount. If you order by 3pm, they'll ship your order within the same day so you have peace of mind right away. Get my Patriotsupply.com by going to my Patriotsupply.com do it. Do it today. Use your agency Action Action Action.

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[Steve Bannon]

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